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Currency Feed – New York Close Report – Friday 24th March

EUR/USD – Current Price $1.0807 (+$0.0027)

EUR/USD is posting modest gains ahead of the Wall Street close. The pair had softened in Asia overnight to a low of $1.1.0759 but found some upside through the European/US trading session as the Dollar reacted to news out of Washington. Reports this afternoon that the GOP are not confident they have enough votes to pass the healthcare bill weighed on the Greenback and pushed Eur/Usd to its daily high of $1.0816. Last we heard, the vote is expected to take place at 19:30 GMT (15:30 ET). From a technical view, the March 22nd/February 2nd high at $1.0825/28 may offer some resistance ahead of the  December 8th high at $1.0872. On the downside, the overnight low at $1.0759 and March 21st low at $1.0717 are in focus.

GBP/USD – Current Price $1.2496 (-$0.0023)

GBP/USD is nursing minor losses ahead of the Wall Street close. The pair fell sharply overnight and back below $1.25 after dovish remarks from BoE MPC member Vlieghe who said an inflation spike would not necessarily mean a rate increase. We saw a daily low of $1.2466 this afternoon but the pair has since found some upside as the Dollar softened on the latest developments in Washington. Reports this afternoon that the GOP are not confident they have enough votes to pass the healthcare bill weighed on the Greenback while investors now await the vote itself which has been tentatively scheduled for 19:30 GMT (15:30 ET). From a technical view, the earlier low at $1.2466 may offer some support ahead of yesterday’s low at $1.2459 and then Wednesday’s low at $1.2421. On the upside, yesterday’s high at $1.2530 and the Februar24th high at $1.2570 are in focus.

USD/JPY – Current Price ¥110.88 (-¥0.06)

USD/JPY is a touch lower this afternoon as the Japanese Yen benefitted from safe haven flows. The pair had seen a modest bounce overnight to a high of ¥111.48 after hitting its lowest level since November on Wednesday but fell back below ¥111 this afternoon as House Republicans struggle to gather enough votes to pass the healthcare bill. Today’s low at ¥110.75 came shortly after reports that GOP leaders are not confident they have enough votes to pass the bill. From a technical view, Wednesday’s low at ¥110.60 may offer support ahead of the November 22nd low at  ¥110.23. On the upside, yesterday’s high at ¥111.54 and the March 21st low at ¥112.28 are in focus.

GBP/EUR – Current Price €1.1563 (-€0.0045)

GBP/EUR is lower this afternoon after falling overnight on after dovish remarks from BoE MPC member Vlieghe who said an inflation spike would not necessarily mean a rate increase. Euro Zone PMI growth hit its strongest level in six-years earlier today but failed to provide much support to the pair. From a technical view, Wednesday’s low at €1.1492 and Tuesday’s low at €1.1456 may offer support. On the upside, yesterday’s high at €1.1620 and the March 3rd high at €1.1680 are in focus.

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